---
title: "AI tokens record double-digit gains as market cap doubles within a month"
url: https://diffcoin.com/ai-tokens-record-double-digit-gains-as-market-cap-doubles-within-a-month/
description: "Many artificial intelligence (AI)-based crypto tokens and traditional stocks recorded positive growth on Feb. 21 despite a broader market correction.…"
published: 2024-02-22
updated: 2024-02-22
author: "Mila"
site: "Diffcoin"
---

# AI tokens record double-digit gains as market cap doubles within a month

Many artificial intelligence (AI)-based crypto tokens and traditional stocks recorded positive growth on Feb. 21 despite a broader market correction. Popular AI-based crypto tokens posted double-digit gains after the market cap of these tokens more than doubled in a month.

Render (RNDR), an Ethereum-based network that facilitates decentralized GPU rendering, has surged over 17% in the past 24 hours. Similarly, The Graph (GRT), an indexing protocol for efficiently querying blockchain data, has increased by 18% over the past 24 hours. Fetch.AI (FET) is up 11%, while SingularityNet (AGIX) recorded a 33% daily surge.

*AI crypto token price momentum. Source: Coingecko*

The total market cap of AI-based tokens surged by over 9% to $17.8 billion since Nvidia’s quarterly earnings report. The market cap for AI tokens has jumped from $7 billion to $17 billion this month.

The AI tokens got a boost from Nvidia’s recent earning report, but AI-related tokens momentum has been on the rise since last week, hitting the highest weekly trade volume in a year after OpenAI announced its text-to-video tool Sora.

*AI tokens weekly volume. Source: Kaiko*

Many attributed the favorable market growth of AI tokens to Nvidia’s latest fourth-quarter earning report that surpassed market estimation. The chipmaker posted a revenue of $22.1 billion, higher than Wall Street’s estimated $20.4 billion. Nvidia’s AI data center revenue quintupled in the January quarter versus the prior year,

***Related:*** ***ChatGPT had a public meltdown but OpenAI says it’s fine now***

Nvidia CEO Jensen Huang also credited the boost in sales and revenue to the surge in the global demand for generative AI. The chipmaker boasts a market capitalization of $1.67 trillion, overtaking Tesla as the world’s most traded stock.

The boost in Nvidia’s AI businesses reflected on the AI crypto market and helped several AI-focused stocks record new highs. Nvidia supplier and the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Company (TSMC), jumped as much as 2.05% during morning hour trade on Feb. 21.

Similarly, stocks of server component supplier Super Micro Computer rose 11.42% during after-hours trading on Feb. 20. Dutch chip equipment manufacturer ASML rose 2.7% during after-hours trading.

[Source link](https://cointelegraph.com/news/ai-tokens-record-double-digit-gain)